What Everybody Ought To Know About The Ten Minute Million
We all are aware of the lengthy and tedious process of fundraising which is essential for every startup in its early stages to succeed. To cut short this process and revolutionize the way fundraising is traditionally done, The E-Cell IIT Bombay launched first edition of ‘The Ten Minute Million’ (TTMM) 3 years ago. Currently into its 4th edition, TTMM has managed to help one out of every two finalists raise funding. The 4th edition is going to be held on 27th and 28th January 2018 at the E-Summit of IIT Bombay.
The Ten Minute Million is first of its kind event in India, which involves 10 shortlisted startups pitch for 10 minutes in front of the investor panel and get an on-spot funding commitment for 1.6 million INR. Ajit Khurana, one of the investor panelists and Ex-CEO of SINE, IIT Bombay said, “Our idea was that, you take 10 months, we believe it can be done in 10 minutes. I would have been happy even if I had got a fraction of the response. Right from the entrepreneurs, to the investors to the audience, this is an absolutely outstanding response.”
TTMM has garnered a lot of attention from media in its past three editions and has helped many startups reach milestones in their journey. One of the successful startups is Soundrex, who came up with a wearable speaker which will provide an experience of being immersed with thousands of speakers all around you. With control over tens of thousands of speakers, they created sound effects which were impossible using a 2 speaker setup.
In this hyperpaced, exciting event, the tension and ecstasy can be felt among the crowd as well. The past Investor panel consisted of renowned angel investors like Ajeet Khurana, Bharat Banka, Anupam Mittal, Samir Shah, Sanjay Mehta and Anirudh Damani.
The registration deadline is on 28th Dec 2017, and the finalists will be declared shortly after. It is an opportunity that no start-up should miss, what with such a fast-track path to funding and getting some pretty cool onboard to be the startup’s mentors.
So what are you waiting for? Register to pitch in The 10-Minute Million by visiting https://www.ecell.in/esummit/the10minutemillion/
VC Dejargoned is a 2 day program giving entrepreneurs a complete understanding of the capital raising process. Be it preparation of business plan, pitching, valuation, due-diligence or termsheet; this program is aimed at giving entrepreneurs a holistic understanding of how to raise capital. No high level gyaan, but a power packed knowledge series designed by entrepreneurs, investors and investment bankers. Date: 7th and 8th January 2018 Venue: Hotel Karl Residency, Lallubhai Park Road, Andheri (West) For detailed content and registrations, visit http://www.vcdejargoned.com or call on 9819577336. On registration, get a free membership to VCD Club that will give entrepreneurs frequent opportunities to pitch to investors and get their feedback as well as interact with successful entrepreneurs to understand their capital raising journey.
Highly recommended 👆🏼especially the amazing case discussions on current Indian scenario .
If you are planning to raise funds for your startup, this is a program not to be missed 🙏🏼
Jayanth Sharma | CEO AND CO-FOUNDER OF TOEHOLD TRAVEL AND PHOTOGRAPHY
Q : In this era of online startups and tech businesses, does there exist the possibility for traditional brick and mortar businesses to raise capital or is it that only businesses with a technology layer to scale up are attracting investors?
A : This is a common question that investors get asked a lot by aspiring entrepreneurs and there are a few different perspectives we have.
Firstly, businesses without a technology layer are going to find it almost impossible to attract investors -simply because technology is what brings scale and efficiency and in many situations access to customers. And venture investors are all looking for scale because that is what will give the exits that we require for our success.
That said, technology in a business does not make it a technology company.
Srikrishna Ramamoorthy | PARTNER, UNITUS SEED FUND
Businesses across traditional sectors like FMCGretail, education, healthcare, financial services, agriculture, transportation, logistics etc. will continue to need brick and mortar or offline elements to succeed and not just technology alone. And there continues to be VC investor interest in businesses in these spaces that are in techenabled andor tech-led and where there is innovation.
Does this mean traditional businesses with or without tech cannot raise capital? They can, but it is challenging.There aren’t that many investors interested and it will likely involve large amounts of initial capital vis-à-vis investing in a tech enabled play.
All that said, tech or brick and mortar, what remains key to success is a strong team, great execution and a product service that is solving a real problem.
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MoSDE has recently announced the Second Call for Application for National Entrepreneurship Awards Scheme (NEAS)’2017.
The Application window is open from 28th July’17 to 15th Sept’17.
About the Award
National Entrepreneurship Awards Scheme (NEAS) has been instituted by the Ministry of Skill Development and Entrepreneurship (MoSDE) to encourage a culture of entrepreneurship across the country.
These premier awards seek to recognise and honour entrepreneurs and entrepreneurship ecosystem builders for their outstanding efforts.
There are two tracks under this scheme of awards
- Award Track –To honor exceptional entrepreneurs from various sectors.
- Award money of INR 5 lakh each to the enterprise + Trophy and Certificate
- A total of 17 Awards under various categories are covered under Award Track.
- Recognition Track –Institutions and Mentors engaged in Entrepreneurship Development
- Award money of INR 10 lakh each (organisations/institutes) and INR 5 lakh (mentor) + Trophy and Certificate
- A total of 6 Awards covered under Recognition track
For more details visit www.neas.gov.in
‘National Entrepreneurship Awards’ Scheme
The National Entrepreneurship Awards have been instituted by the Ministry of Skill Development and Entrepreneurship (MoSDE) to encourage a culture of entrepreneurship across the country. These premier awards seek to recognise and honour entrepreneurs and entrepreneurship ecosystem builders for their outstanding efforts in the field of entrepreneurship development. The Awards also seek to highlight models of excellence for others to emulate and improve upon.
The Call for Application is now open from 28.07.2017- 15.09.2017. Applications should be filled online on www.neas.gov.in. Also, visit this website for further details.
Society for Innovation & Entrepreneurship(SINE),IIT Bombay
3rd Floor CSRE Building,IIT Bombay,Powai,Mumbai,IN 400 076
Tel: +91 22 2572 1197